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Updated almost 6 years ago, 02/27/2019

Account Closed
  • Contractor
0
Votes |
3
Posts

Rental strategy advise needed

Account Closed
  • Contractor
Posted

Hello everybody I’m new to this and I would want some help any advices are welcome.

I recently bought a house as a primary ( for tax reasons) even though I'm staying at my wife's house. I'm remodeling -renovating the house so I can rent it when it's ready. (I'm a contractor) My plan is to get a HELOC using the house I just bought ( it's paid off) put it under an LLC after, rent it and use the HELOC money to purchase the next one.

Does it sound logical ?

Am I gonna have issues if I get a HELOC and then rent it out ?

What would you advise me?

Thanks in advance

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